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BB&T posts higher Q3 net income YOY

BB&T Corp. on Oct. 18 reported third-quarter net income applicable to common shares of $789 million, or $1.01 per share, up from net income of $597 million, or 74 cents per share, in the third quarter of the prior year.

The S&P Global Market Intelligence consensus mean estimate for third-quarter GAAP EPS was $1.00.

The Winston-Salem, N.C.-based company recorded $18 million pretax merger-related and restructuring charges in the third quarter related to facilities optimization activities and the Regions Insurance acquisition. Excluding the charges, net income available to common shareholders was $802 million, or $1.03 per share.

Average total loans and leases held for investment stood at $146.20 billion, compared with $144.10 billion in the second quarter, and $142.69 billion in the year-ago third quarter.

Average total deposits were $157.27 billion, compared with $157.68 billion in the linked quarter, and $157.41 billion in the third quarter of 2017.